In a world where our digital presence holds increasing significance, it's essential to consider how our digital assets will be managed after we're no longer able to do so. Digital estate planning is an often overlooked aspect of estate planning but is becoming increasingly important in today's digital age. Take control of your digital legacy to ensure that your online presence is secured for the future. From sentimental photos and messages to valuable cryptocurrency and online accounts, it is essential to consider how these digital assets will be managed and passed on in the event of your incapacity or death.
How can you secure your digital legacy? It's a question we all should be asking, and the digital estate planning process can help you answer it.
Understanding Digital Assets
Digital assets encompass a wide range of items, including but not limited to:
Social Media Accounts: Facebook, Instagram, Twitter, etc.
Email Accounts: Gmail, Outlook, Yahoo, etc.
Online Banking and Investment Accounts
Online Memberships and Subscriptions
Digital Photos and Videos
Cryptocurrency and Online Payment Accounts
Websites, Blogs, or Podcasts
Digital Documents: Contracts, Licenses, etc.
It is essential to identify and categorize your digital assets to ensure nothing is overlooked when creating your digital estate plan.
Importance of Digital Estate Planning
Many people spend time organizing their physical possessions and assets but often neglect their digital footprint. Without a clear plan in place, your loved ones may encounter challenges accessing and managing your digital assets after you are no longer able to do so. Digital estate planning ensures that your online presence and assets are accounted for and managed according to your wishes.
Creating Your Digital Estate Plan
Where do you start? Below are the basic steps to follow to create a digital estate plan.
Make a list of all your digital assets, including login credentials, account details, and instructions for accessing each asset.
Appoint a trusted individual to act as your digital executor, responsible for managing your digital assets according to your instructions.
Store your list of digital assets and instructions in a secure location, such as a password-protected document or a digital estate planning service.
Clearly outline how you would like your digital assets to be handled in your absence. Consider whether you want certain accounts to be closed, preserved, or transferred to specific individuals.
Review and update your digital estate plan regularly to reflect any changes in your digital assets or preferences.
Planning for the Future
By taking the time to create a digital estate plan, you can ensure that your digital legacy is preserved and your loved ones can easily access and manage your online accounts and assets when the time comes. Don't wait until it's too late; start planning for the future of your digital assets today.
Remember, just as you would create a will to distribute your physical possessions, a digital estate plan is crucial for managing your digital footprint and securing your online legacy.
Questions about your estate plan? Johnson McGinnis Elder Care Law and Estate Planning is here to help. Call 615.824.2571 to schedule your confidential consultation.
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